major makes a very sound case, and to discount him is foolish.
Yes, GBG needed to do the deal with AnSteel. The alternative was to wither on the vine.
Yes, Karara is a Joint Venture with agreements re offtake and price signed.
But, AnSteel now have GBG in an "iron" grip - the balance of power has shifted East, which is exactly what the Chinese want.
AnSteel will look after AnSteel first. GBG will come second. It is inevitable.
Not saying GBG isn't undervalued at present (it is) but future earnings could be risky without considering the benchmark pricing.
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major makes a very sound case, and to discount him is...
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